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"Borrowing 200000 amortized over 25 years would give..."

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If you are smart you will save as much as possible. It wasn`t so long ago that the average down payment was 15%. It`s only recently that a 5% down payment is more common. Easy lending policies aside you shouldn`t take on more mortgage than you can afford. If you are old school and save a 20% down payment that means you would still need to borrow $200000. To be able to afford a $250000 home even with the big down payment divide the home cost by 3.5 to get the salary required to support the home. In this case you would need a salary of around $71,500 a year. Borrowing 200000 amortized over 25 years would give you monthly payments of $1,134.92 at an interest rate of 4.75%. Don`t forget you will have insurance costs, utilities and property taxes to factor in to your total monthly housing cost on top of the mortgage payment. Still, if you can save the 20% down payment you can see making $5960 a month in salary will only eat up 21% of your gross income. Bankers use a 28/36 ratio to decide whether you are a risk or not. No more than 28% of your gross income should service your housing costs with no more than 36% of your gross income going to total debt payments. So, if you can stay in these ranges it looks like $71,500 a year in salary should allow you to afford a $250000 home so long as you make a nice big down payment and get favorable interest rates.

"Careful when you borrow and plan for interest rates to rise unless you can..."

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If interest rates rise to 6% borrowing $200000 makes monthly payments $1,279.62. That`s $145 more expensive than at 4.75%. So you really need to be careful when you borrow and plan for interest rates to rise unless you can lock in a long term fixed rate mortgage. That same calculation borrowing $237500 is $1,519.55. Ouch! Rates have been 6% or more plenty of times in the past and they will get there again. The only way to protect yourself is to rent or borrow as little as you can for as short as you can.

"You have to pay 10 to 25 percent of downpayment..."

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First you should see your credit history whether it is bad or good. Also a steady paycheck is must to get house loan. You have to pay 10 to 25 percent of downpayment. So need to save at least 25000 the down payment. Total installment including tax should less than the 30% of the net income. You also need documentary record of you income and expenditures to get this amount of home loan approved.

"This will save you so much in interest costs over the term of your loan..."

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To compare. If you made a 5% down payment you would need to borrow $237,500. That same monthly payment now becomes $1,347.71. That`s over $213 a month difference just by making a larger down payment. This will save you so much in interest costs over the term of your loan. Make big down payments, amortize for shorter periods.

"So be careful before taking loan because you have to pay interest..."

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Hi there
Well my friend it depends on the bank from where you car taking loan. I think you need to buy 25,0000 home at 5-6% down payment. So be careful before taking loan because you have to pay interest and it increase if you are unable to pay in time.

"Or you can immediately arrange some money to pay mortgage to save your house...."

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You can save your house if you are facing foreclosure by negotiating the company or bank from which u have taken the amount of loan. Discuss with them that either they have any other package of paying mortgage or they can give you relaxation for payments. And you could tell bank or that company before the notice of default which they issue after 90 days of 3 miss payments so try any one suggestion you will be successful in your mission or you can find any alternative way by discussing it with company from which you have taken loan. Or you can immediately arrange some money to pay mortgage to save your house.

"Its procedure after 3 or 4 missed payments of mortgage and then warn the..."

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I agree with my friend ! the answer of this question How can I save my home once I am in floreclosure is, it all depends on law of foreclosure. Loan company in fact starts its procedure after 3 or 4 missed payments of mortgage and then warn the person to pay mortgage if person is unable to pay mortgage then bank will take the action and it will be completed within few months. and it also depends on their will either they allow person to live in it or not.thank you.

"This question how can i save my home once i am in foreclosure..."

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This question How can I save my home once I am in foreclosure, holds much importance in the procedure of foreclosure. Basically this all procedure of foreclosure rely upon the laws and principles of company or bank performing the foreclosure of any property. Mostly banks start foreclosure after 3 nonpayments. It issues the notice to warn the customer about nonpayments, if customer doesn`t react on that notice then bank has to perform auction or foreclosure.

"3 months from the due date of payment before it starts with its foreclosure..."

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Once the process of foreclosure is started , it is very difficult to save your house. This is so because the bank already gives a time of 3 months from the due date of payment before it starts with its foreclosure process.How ever, if any thing can be done to save the house once foreclosure has started depends upon the bank totally. Try and have a conversation with them or your attorney if ways can be found out. Jack powell.

"That how much a person can afford house on $55000 income ..."

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Basically it depends on various factors which are as follow. That how much a person can afford house on $55000 income . It depends on the place where the person resides and the area where he wish to buy a new home. It also depends on the person`s debts, his family size and his other expenditure and his lifestyle, etc. To buy a house on 55000 income. I hope this answer will helps you a lot.

The down payment is the biggest part of the total perches price of the house as we get it percentage.now the interest rate is comedown of 5%and in those days it was around15% also.if 200000 home the interest rate is 5% and without including other expense then 10,000 of good amount.

"Your home as you wil pay over time..."

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No they should not be able to and it is not in their interests too either as they would not get as much for your home as you wil pay over time. Always best to call them though, explian what is happening with your circumstances and advise that you will make a double payment - there is also other help that they should be able to offer.

"That your mortgage payment could fluxate each year (despite a 30-year fixed rate..."

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Between $690 and $700/month, when you include the principle and interest, taxes, homeowner`s insurance, and pmi (if you put less than 20% down). Remember, that your mortgage payment could fluxate each year (despite a 30-year fixed rate) because of increases (or decreases) in homeowner`s insurance and taxes.I hope my answer will help you a lot.

"A person can afford house on 55000 income .it depends on the place where..."

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Depends on various factors that how much a person can afford house on 55000 income .It depends on the place where the person resides and the area where he wish to buy a new home. It also depends on the person`s debts, his family size and his other expenditure and his lifestyle, etc. to buy a house on 55000 income.

"The down payment value for a house ranges from..."

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Generally as per market scenario, the down payment value for a house ranges from 5 percent to 10 percent of the total value of the house. hence , since the total value of the house is 300000 dollars , hence the down payment can be something between 15000 dollars to 30000 dollars maximum .

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How much down payment i need to save to buy a $250,000 home to afford a good lifestyle?

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